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The Revocable LC is a specialized financial instrument used in international trade transactions where maximum flexibility is required by the issuing bank and applicant. While less common than irrevocable LCs due to the lower level of security provided to the beneficiary, this document type serves specific business needs where payment guarantee terms may need to be modified or cancelled. Under Philippine jurisdiction, the document must comply with the General Banking Law of 2000 (Republic Act No. 8791), Bangko Sentral ng Pilipinas regulations, and international UCP 600 guidelines. The Revocable LC includes essential elements such as payment terms, document requirements, and specific conditions under which the credit can be revoked, making it particularly relevant for transactions where trade conditions are volatile or subject to rapid change.

1. Bank Details and Reference Number: Issuing bank's complete details and unique LC reference number

2. Date of Issue: The date when the Letter of Credit is issued

3. Type of Credit: Clear specification that this is a Revocable Letter of Credit

4. Applicant Details: Complete name and address of the party requesting the Letter of Credit

5. Beneficiary Details: Complete name and address of the party in whose favor the LC is issued

6. Currency and Amount: The currency and amount of the Letter of Credit in both figures and words

7. Expiry Date: The date and place of expiry of the Letter of Credit

8. Payment Terms: Specification of when and how payment will be made (at sight, deferred payment, etc.)

9. Document Requirements: List of documents required for presentation under the LC

10. Shipment Terms: Details of shipment including latest shipment date and partial shipments/transhipment conditions

11. Revocation Terms: Specific conditions under which the LC can be revoked and the process for revocation